Home Buyers Guide

Chapter 1: The 10 Steps to Buying Your First Home:

3: Make an offer on a property / pay booking deposit

OK, now that you’ve viewed a property and decided that you want to buy, it’s time to speak to the estate agent to
negotiate a deal. The process is a little different depending on whether the property is second hand or if it’s in a new housing development.

Buying a Second Hand Home:

• When you find a suitable property, you'll have to contact the estate agent who is looking after the sale and ‘make an offer' on it.
• Don’t offer the asking price.
• Make an offer below the asking price, and the seller will either accept or reject it.
• If your offer is rejected, you can simply increase your offer.
• Don’t be embarrassed about making an offer significantly below the asking price – all they can say is ‘no’.
• Don’t forget that the estate agent is working for the seller NOT for you (no matter how friendly they are).
• If your bid is accepted, you will have to pay a 'booking deposit' straight away (which is usually a couple of thousand
euros).
• You are then given 3 - 4 weeks, to get your mortgage documents issued and complete a survey on the property.
• Arrange a survey (you can find a local surveyor on surveyors.ie)
• If for whatever reason, you can't get mortgage approval, or if the survey reveals structural damage, and you don't
proceed with the purchase, this booking deposit is usually refundable.

Buying a Brand New Home:

• There are set prices for each unit in a development. Traditionally, there was no negotiation on the price. However, in the current market, it’s definitely worth haggling.
• A lot of new developments have seen huge price reductions, so make sure to compare prices with similar
developments locally.

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